Ministry of Finance (Thailand)


The Ministry of Finance is a cabinet ministry in the Government of Thailand.
Considered to be one of the country's most important ministries, the Ministry of Finance has many responsibilities over public finance, taxation, the treasury, government properties, operations of government monopolies, and revenue-generating enterprises. The ministry is also vested with the power to provide loan guarantees for the governmental agencies, financial institutions, and state enterprises.

Management and budget

The head of the ministry is the Minister of Finance. He is a member of the Cabinet of Thailand and therefore appointed by the King of Thailand on the advice of the prime minister., the Minister of Finance is Mr Apisak Tantivorawong. The MOF permanent secretary is Prasong Poontaneat.
The MOF was allocated 242,948 million baht in the FY2019 budget.

History

The ministry has existed in form since the 15th century during the Ayutthaya Kingdom. Then, the ministry was called the "Kromma Khlang" and eventually upgraded to “Krom Phra Khlang”. The "Phra Khlang" or minister had wide-ranging powers include those of taxation, trade, monopolies, tributes, and even foreign affairs.
Most of these features were retained during the Rattanakosin era. In 1855 King Mongkut signed the Bowring Treaty with the United Kingdom. The treaty exposed Siam to modern trade and international commerce; the king was forced to set customs duty rate at no more than three percent; the country was at a disadvantage, but international trade grew. Soon the king was forced to set up a Customs House and the Royal Thai Mint to deal with new challenges.
During the reign of King Chulalongkorn, the ministry took its present shape. The king issued a royal decree in 1875 consolidating all powers and agencies under one ministry with a more focused portfolio. He appointed one of his uncles, Prince Maha Mala Pamrabporapat as its first minister. The ministry finally came into its own in 1933 via the Civil Service Reform Act of 1933. The Royal Treasury Ministry was then changed to the Ministry of Finance which now consists of 10 departments and 14 state enterprises.
The MOF played a key role in the COVID-19 pandemic in Thailand as it was responsible for disbursing aid to needy citizens.

Departments

Government agencies

  1. Office of the Secretary to the Minister
  2. Office of the Permanent Secretary
  3. The Revenue Department : During the reign of King Rama V, the Revenue Department was organised as two separate departments: the External Revenue Department and the Internal Revenue Department. The External Revenue Department was responsible for the collection of taxes and duties outside Bangkok and was under the Royal Treasury Ministry, today's Ministry of Finance. Due to personnel shortages, district and sub-district chief officers were assigned to collect taxes and duties, and the department was subsequently brought under the Ministry of Interior. The Internal Revenue Department was responsible for the collection of taxes and duties within greater Bangkok
  4. The Treasury Department
  5. The Comptroller General Department
  6. The Customs Department
  7. The Excise Department
  8. The Public Debt Management Office
  9. The State Enterprise Policy Office

    State enterprises

  10. The Government Lottery Office
  11. Tobacco Authority of Thailand
  12. Government Savings Bank
  13. GH Bank
  14. Krung Thai Bank Public Company Limited
  15. Bank for Agriculture and Agricultural Co-operatives
  16. Liquor Distillery Organization
  17. Playing Cards Factory
  18. Export-Import Bank of Thailand
  19. Small Business Credit Guarantee Corporation
  20. Secondary Mortgage Corporation
  21. Small and Medium Enterprise Development Bank of Thailand
  22. Student Loan Fund
  23. Dhanarak Asset Development Company Limited

    Public organizations

  24. Neighbouring Countries Economic Development Cooperation Agency